TAXES. The fraudulent scheme of SICAVS. Hi all,
Últimamemte talk a lot and not exactly clear from this instrument fiscal placed in the hands of the "great wealth" of this country, which reflects an acronym for SICAV. When I say "great wealth" I mean large business or industry of Spain, as Don Amancio Ortega, but also to television presenters, as Dona Ana Rosa Quintana, football players, singers, actors, film directors like Pedro Almodovar, politicians, trade unions, as UGT and CC.OO, etc, or have been involved in one or more of these societies.
The SICAVS have their origin in the European Union regulations . From Felipe Gonzalez to Jose Luis Rodriguez Zapatero, to José María Aznar, has kept the tax law that many critics are raising. As can be deduct when it comes to protecting the assets of the wealthy in this country, no ideology or political stripes. All act in the same direction.
There seems to be currently registered something over 3,000 SICAVS and manage an estate of close to 27,000 million euros .
The SICAVS emerge as collective investment vehicles, such as investment funds. In fact, besides a minimum capital of 2,400,000 euros, divided into shares, are required to have at least 100 shareholders. Y here begin the nuances. What happens in practice?. As a shareholder or a family group controls 99.9 per 100 of the shares and 0.01 per 100 left is controlled by the other shareholders. That is, an instrument that arises as a mechanism for collective investment, has become the perfect screen for an individual or a family group to leave the money and invest it. It has become an instrument of individual, not collective investment, as originally intended. That is called fraud law.
The big advantage is its privileged tax SICAVS . And here is where the big nuances. The SICAVS taxed at 1% of their profits for corporation tax . Once you have paid the tax, with the resulting benefits can basically do two things: one, is distributed to shareholders as dividends or two, is reinvested in the target stock company. If it is the first of the two possible destinations, shareholders must return to pay taxes on capital gains received, either through income tax, if individuals, or through corporation tax, not legal persons. In the first case, 19% or 21%, depending on whether or not spend the amounts received 6,000 euros. In the second case, 30%, in respect of corporation tax.
What was done with the law on hand to avoid paying taxes?. Reduce the capital of the company and return it to shareholders, instead of paying in dividends. The return of capital contributions, not taxed IPRF or corporation tax. Yes they did by the Transfer Tax and Stamp Duty, but the guy was paying a ridiculous 0.5 or 1%, depending on the Autonomous Community where the fund is domiciled. As you can see, every law, a loophole. The fiscal cost was minimal. Pure fiscal engineering.
at the time when the Inspectorate of Taxes Dectect law fraud which is a shareholder or family group has the total and absolute control of the fund (and, therefore, loses its instrument of "collective investment") and the rest are mere figureheads or investors fictitious (a controlling shareholder or family group to 99.9 per 100 of the shares and 0.01 per 100 left is controlled by the other shareholders ), started building inspection reports reflect this fact and applying the rate of 30% when taxed on the profits, as a society and not the rate of 1%, because they knew that failure would not qualify for the establishment of the fund, did not apply its favorable tax rate and if applicable the general rate of 30%, like any other company .
The response of Parliament, was to pass the legislation needed to "remove" to the Inspector of Taxes, the possibility of controlling the tax rate of 1% of SICAVS and give it to the Market Commission (CNMV). Obviously, the purpose of this measure was very concrete and not just follow the line marked The inspection also of Taxes, as the CNMV since it has never questioned whether or not SICAVS meet legal requirements. Has always assumed that other such requirements have been met. Go ahead, my sincere appreciation to the work of the Inspectors of the Treasury, where incidentally, I have several of my best friends.
The current government has "capping" the loophole that meant not taxed on income tax or corporation tax, upon the return of initial capital contributions by a corresponding reduction in capital . As of September 23, 2010, the amounts received as reductions in capital gains taxed as capital, with nuances.
For example, if an investment company was established in the day with 2,400,000 euros (minimum capital) and over time has a heritage of 5,000,000 euros and it was decided to reduce capital by 3,000. 000, not taxed on income tax or corporation tax, to 2.4 million (amount of initial capital) but by an excess of 600,000 euros to 3,000,000 euros would have to pay tax themselves.
If capital is reduced below the minimum required and within a year from being in breach of this condition is not remedied, the SICAV is to dissolve, liquidate and tax, if any, on capital gains has been. If losses can be offset by gains in subsequent years.
Some say that this measure will be "relocating" many of the SICAVS. In fact, in the Basque Country, in late 2009 changed the taxation of SICAVS raising it to 28% from 1% initially. Of the more than 212 SICAVS had, now have less than 70.
Others who "outsource" a SICAV is not so simple or cheap. Others add that although SICAVS are domiciled in Spain do not have to invest here, they can do in other countries.
outrageous thing this issue, in my view, is that the privilege of being taxed at 1% is not generalized to all types of saver or investor, who also benefit from it SICAVS that do not meet the applicable requirements.
is clear that there must have some attractive and favorable tax rules for savings and investment . But those rules should be general and applicable to everyone, in a transparent manner. Must be accepted tax rules that encourage savings, that encourage investment and to make Spain a country where large and small investors and savers are comfortable.
much to ask for the times.
I hope your comment.
Regards,
José Antonio
